A review of things you need to know before you go home; No more two-tier BNZ, manufacturing sales surge, a golden age for Maori business, election date

Here are the key things you need to know before you leave work today.

NO MORE TWO-TIER BNZ
BNZ has disestablished its two tier home loan interest rate offer system, removing all its carded, or advertised, home loan rates for borrowers without a deposit of at least 20%. However, such borrowers are still able to take out a loan from BNZ, but will be charged the bank's low equity margin on top of the interest rate charged to borrowers with deposits of at least 20%.

MANUFACTURING SALES SURGE
The total manufacturing sales volume had a record rise in the December 2013 quarter, Statistics New Zealand said today. This was largely due to a strong rise in meat and dairy product manufacturing. After adjusting for seasonal effects, the volume of total manufacturing sales rose 5.7 percent, with meat and dairy product manufacturing sales up 15 percent. "The large meat and dairy volume increase is also seen in export volume rises for dairy and meat products," industry and labour statistics manager Blair Cardno said.

GOOD FOR GDP
ASB economists said the Economic Survey of Manufacturing was on balance slightly stronger than than expected, and they have revised up their Q4 GDP to a 0.9% increase for the quarter.

BAD FOR JAPAN
Japan's current account deficit widened to a record 1.5tn yen ($15bn; £8.7bn) in January, the largest since records began in 1985. In further bad news, the country's economic growth figures were also revised downwards.

A GOLDEN AGE FOR MAORI BUSINESS
A new 'golden age' could be looming for Maori business, according to The Maori Business Key Insights Report – ‘Te Tirohanga Whānui’ - compiled from the findings of ANZ’s annual Privately Owned Business Barometer. Of the 172 Maori business survey participants, 49% were optimistic about the next 12 months, while 70% were very optimistic about their prospects over the next three years.

THE RISKS OF A 'SURE BET'
A 25 basis-point rise in official interest rates is seen as a certainty in the Reserve Bank's review on Thursday. The key thing then will be looking at the RBNZ's statements for signs of the magnitude of future rate rises. Economics commentator Roger J Kerr reckons when future movements in financial markets become “sure bets” one starts to get worried about the risks surrounding the consensus views and pricing.

ELECTION DATE
Prime Minister John Key has announced the date of the next election. It will be September 20.

WHOLESALE RATES
Swap rates continued to move up a little today after Friday's sharp rise The 90 day bank bill rates stayed steady on Friday's level.

OUR CURRENCY
The NZD was up slightly against the American and Australian currencies today, at US84.7c and A93.52c respectively but the TWI is down a touch at at 79.25.